Melbourne leading real estate price gains, says REIA

Melbourne leading real estate price gains, says REIA

Melbourne property prices were the fastest growing in the country during the March quarter, according to the latest data from REIA Real Estate Market Facts.

Melbourne property prices are the fastest-growing in the country.

The average median price in Australia's capital cities rose 2.9 per cent for houses in the March quarter, and 2.5 per cent for other dwellings, according to the latest data from the Real Estate Institute of Australia.

REIA Real Estate Market Facts for the March quarter 2017, show the weighted average median price for houses for the eight capital cities was $763,892.

REIA President Malcolm Gunning said the median price was driven by increases in Melbourne and Sydney and, to a lesser extent, in Darwin.

“Over the quarter, Melbourne had the largest increase in both the median price for houses, 7.6 per cent and for other dwellings, 3.8 per cent," said Gunning.

“Over the quarter, median rents for three-bedroom houses increased in most capital cities – Sydney, Melbourne, Brisbane, Adelaide, Hobart and Canberra. Hobart had the largest increase at 5.7 per cent with decreases in Perth and Darwin.

“Median rents for two-bedroom other dwellings increased in most capital cities with the largest increase at 7.5 per cent in Hobart. In Melbourne and Perth median rents for other dwellings remained steady while it decreased in Darwin.

The REIA Real Estate Market Facts report is available to REIA subscribers.